Mark Zuckerberg's company is developing a strategy to implement the first stable crypto-currency to conduct transactions through the instant messaging application.
By Elena Díaz for ThinkBig. Bitcoin, the most popular cryptography, arrived in 2009 with the intention of settling into the world economy and changing its paradigm. Through the use of blockchain technology, crypto-coins are decentralized, intangible virtual currencies and operate without central authority or intermediary banks. A collaborative economy of open source and public design.
It can be said that it has been a technological revolution, a new innovative payment network. In 2017, the price of bitcoin was exchanged for a value of 16,800 euros. But like all technology when it reaches the ceiling, it descends again. In 2018 he suffered steady falls, assuming instability for all those who invested.
However, a large number of companies have entered the crypto-market like Kodak or Telegram for their safety. But there were no actors in that market. Now Facebook, the social networking giant, is developing a cryptomoeda for WhatsApp.
A stable virtual currency linked to the dollar
Why do you want to get into Zuckerberg in this market? "Like many other companies, Facebook is exploring ways to harness the power of blockchain technology," the company said in a statement. "This new small team is exploring many different applications. We do not have anything else to share.
The fact is that they report that Facebook will focus, first on the Indian market through the development of a digital currency that allows users to make money transactions through the mobile messaging application.
However, this virtual currency would be stable and tied to the US dollar. This means that the quote would not be free and would depend on the value of the dollar. Its price would be stable, not for investment purposes. To launch this service, Facebook has been working on a strategy that allows the implementation of blockchain-based initiatives, especially since hiring the former president of PayPal, David Marcus. Currently, about 40 people work exclusively in the development of this service.
Why did you choose India as the first place to launch your crypto? WhatsApp is one of India's most popular social networks with over 200 million users, and is on the rise in projects related to encryption. It would also be a great growth opportunity for Facebook in the country.
Zuckerberg's company is still far from officially launching the cryptomeo because it needs to work on the regulation and safety of it. If it became a reality, it would be the first technological company to bring to light such a project.